A Unique Story of a Marvellous Career: Life of Hon. Phineas T. BarnumBenton, Joel
History
A Unique Story of a Marvellous Career: Life of Hon. Phineas T. Barnum
Benton, Joel
Barnum's American Museum; Barnum, P. T. (Phineas Taylor), 1810-1891; Circus owners -- United States -- Biography
Mr. Nathaniel Greene and Mr. Bowles made short but effective
speeches.
The meeting was characterized throughout by the greatest
enthusiasm, and adjourned with three loud cheers for Barnum.
Nor was sympathy all his neighbors offered him; shortly after
this meeting a number of gentlemen in Bridgeport offered him a
loan of $50,000, if that sum would meet the exigency.
Little by little the magnitude of the fraud practiced upon
Barnum's too confiding nature dawned upon him. Not only had his
notes been used to five times the amount stipulated, but the
money had been applied, not to relieving the temporary
embarrassment of the company, but almost entirely to the
redemption of the old claims of years gone by. Barnum sent two of
his friends to New Haven to ask for a meeting of the creditors,
authorizing them to say for him in substance:
"GENTLEMEN: This is a capital practical joke! Before I negotiated
with your clock company at all, I was assured by several of you,
and particularly by a representative of the bank which was the
largest creditor of the concern, that the Jerome Company was
eminently responsible, and that the head of the same was
uncommonly pious. On the strength of such representations solely,
I was induced to agree to indorse and accept paper for that
company to the extent of $110,000--no more. That sum I am now
willing to pay for my own verdancy, with an additional sum of
$40,000 for your 'cuteness, making a total of $150,000, which you
can have if you cry 'quits' with the fleeced showman and let him
off."
Many of the old creditors favored this proposition; but it was
found that the indebtedness was so scattered it would be
impracticable to attempt a settlement by an unanimous compromise
of the creditors.
Barnum therefore turned over his Bridgeport property to
Connecticut assignees, moved his family to New York, and made an
assignment there of all his other property, real estate and
personal effects.
About this time he received a letter from Philadelphia proffering
the loan of $500 in case he really was in need. The wording of
the letter made Barnum suspicious that it was a trick to
ascertain whether he really had any property or if he made an
honest settlement to the best of his ability. To this letter
Barnum replied that he did need $500, and as he had expected the
money never came.
But the Philadelphia banks which were holding the Jerome paper
for a higher percentage, at once acceded to the terms which Mr.
Barnum had announced himself able to pay,
Every dollar which he owed on his own account he had already
paid, and for the liabilities incurred by the swindle which had
involved him he offered such a percentage which he thought his
estate, when sold, would eventually pay. Mrs. Barnum also gave up
certain portions of her own property to redeem such notes as
could be secured upon these terms.
Public-domain text, read in full here on John Shaqi.
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